Mobile Biometric Security and Service Market Worth USD 63.98 Billion at a 27.48 % CAGR by 2030 – Report by Market Research Future (MRFR)
There are multiple enterprises and organizations that are adopting these cloud-based services and helps in Mobile Biometric Security and Service Market Opportunities.
New York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Mobile Biometric Security and Service Market By Type, By Platform, By Industry Forecast 2020-2030”.Global Mobile Biometric Security and Service Market Growing Adoption of HID Mobile Biometric ID Solutions by Lawmakers Drives Mobile Biometric Security and Service Market
The global mobile biometric security and service market is growing rapidly. The growing adoption of next-generation biometrics is expanding the market value. According to an eminent research firm, Market Research Future (MRFR), the global mobile biometric security and service market would reach a valuation of USD 63.98 billion, registering a 27.48% CAGR throughout the forecast period (2020-2030).
Mobile Biometric Security and Service Market Competitive Analysis
Players leading the mobile biometric security and service market include:
- 3M Cogent, Inc. (US)
- Apple Inc. (US)
- Precise Biometrics (Sweden)
- Nuance Communications, Inc. (US)
- M2SYS Technology (US)
- NEC Corporation (Japan)
- Safran SA (France)
- Crossmatch (US)
- Aware Inc. (US)
- BIO-key (US)
- Applied Recognition, Inc. (Canada)
- EyeVerify, Inc. (US)
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Mobile biometric security and services offer an authentication framework for mobile devices to onboard and authenticate security and convenience. Technologies such as face & speaker recognition, passive live detection, and flexible devices like servers and browser-based options offer a secure, convenient customer onboarding and authentication framework for virtually any use case.
Mobile biometrics uses two or more biometric modalities for multi-factor authentication. Implementing mobile biometric security and services helps ensure the right balance between matching performance & convenience and enhanced user experience. Many businesses are turning to biometrics to improve mobile device security. This technology restricts network access to authenticated users only.
Mobile Biometric Security and Service Market Report Scope:
|Market Size by 2030||USD 63.98 Billion|
|CAGR during 2020-2030||27.48%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||There are multiple enterprises and organizations that are adopting these cloud-based services and helps in Mobile Biometric Security and Service Market Opportunities.
They used this system for the growth and better functionality of their service.
Face, voice, fingerprint, and IRIS recognition are some examples of mobile biometric security solutions. Mobile and wireless devices are increasingly becoming popular. Businesses use this technology to secure their devices without the risk of the password, offering more convenience, increased accountability, and high return on investments (ROI).
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Mobile phones are increasingly used for web browsing, product & service payments, and the storage of sensitive data & information. Next-generation biometrics has taken security in mobile devices to the ascended level. Evolving dramatically in every aspect of fingerprint scanning to voice recognition, biometric systems are transforming the way identification and assessment of personal information of individuals is done.
Today’s advanced mobile biometric security and services leverage all the latest technologies to offer complete & accurate biometric solutions and real-time video data analysis. With advanced biometrics, organizations are gaining the capability to capitalize upon existing surveillance infrastructures, access control, and time & attendance applications.
Biometrics also provides advanced analytics applications to enhance security and increase throughput while improving user experience. This new era of security is being hailed as safer and more convenient, without keys, cards, passwords, PIN codes, etc.
Increasing uptake of mobile biometric security and services in border security control, crime-fraud prevention & detection, attendance recording, payment systems, and access control is a key driving force behind the market growth. Besides, the proliferation of technology & smart mobile devices and the use of biometric products in government and travel & immigration industry verticals boost market revenues.
Conversely, the high cost of deployment and risk involved in privacy intrusion is impeding the growth of the market. Nevertheless, advances in biometrics are increasingly achieving success in criminal investigations, supporting the growth of the mobile biometric security and service market.
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The mobile biometric security and service market report has been segmented into types, components, platforms, industries, and regions. The type segment is sub-segmented into fingerprint reorganization, voice reorganization, face reorganization, and iris reorganization. The component segment is sub-segmented into scanners, fingerprint scanners, readers, cameras, computer software, and others.
The platform segment is sub-segmented into Android and iOS, among others. The industry segment is sub-segmented into banking & finance, law enforcement, military & border control, healthcare, government organization, and others. The region segment is sub-segmented into Asia-Pacific, North America, Europe, and the Rest-of-the-World.
North America will dominate the global mobile biometric security and service market. Technological advancements and increasing usages of these solutions by law enforcement agencies & various other sectors drive the regional market growth. Moreover, the early adoption of the latest cutting-edge identification and recognition technologies in the region assures an edge over other regions.
The mobile biometric security and service market in the Asia Pacific region accounts for the second-largest market globally. The regional market is witnessing huge advancements in related technologies. The availability of futuristic yet cost-competitive identification technologies is a key driving force behind the growth. The rising safety and security measures in smartphones and electric gadgets increase the market shares.
Also, the increasing adoption of advanced biometric systems across government and commercial sectors for identifying individuals provides impetus to the growth of the regional market. Additionally, the dynamic growth in industries such as web, telecom, data centers, and the internet of things (IoT) ensures a substantial share of the region in the global space.
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Highly competitive, the mobile biometric security and service market appears fragmented owing to the presence of numerous well-established players. Mergers & acquisitions, brand reinforcement, and innovation remain key trends of these leading players.
The market would witness intensified competition with increased innovations, and M&A. Players invest substantially in research and development to innovate and upgrade their portfolios cost-effective. So far, mergers and acquisitions have been a key strategy for the key players to strengthen their customer reach.
For instance, on Feb. 15, 2023, Aware Inc. showcased its industry-leading mobile biometric solutions at Mobile World Congress 2023. Aware’s mobile biometric solutions can be integrated into any onboarding, or ongoing authentication process organizations need.
These solutions help mobile financial services applications to deliver the maximum superior security and frictionless user experience. Aware’s mobile biometric authentication framework, Knomi, helps established organizations integrate biometrics into their applications.
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